Marc Faber - Author of Gloom, Boom and Doom speaks with Bloomberg

Marc Faber, investment guru and the author of the Gloom_Boom_Doom report speaks with Bloomberg about the recent bear market rally.

Major points from the video

- Many stocks hit their lows back in October
- We're set for a 5-10% correction
- We rallied on the S&P from 660 to above 840. Faber thinks we'll head south, but not to the October/November lows
- As an investor, Faber has done well investing in resource stocks. Newmont Mining Corp., and some speculative exploration companies. However he feels you should not avoid these plays until after the correction and improved economic fundamentals.
- Right now he's venturing into banking stocks, carefully...

Copper, Oil Lead Decline as Global Growth Slows reports Bloomberg LP

Aug. 8 (Bloomberg) -- Copper and crude oil led a decline in commodities on concern that slower global economic growth will curb demand for raw materials.

Copper headed for its biggest weekly drop since March, crude oil fell to the lowest compared with closing prices since May and silver reached its cheapest since January. Italy's second-quarter gross domestic product unexpectedly shrank, the statistics office in Rome said today. Japan's economy probably contracted in the three months ended June, according to the median estimate of 25 economists surveyed by Bloomberg News.

``People understand that we might face a difficult two or three quarters ahead of us,'' said Christoph Eibl, who helps manage more than $1 billion of commodities at Tiberius Asset Management AG in Zug, Switzerland. ``Industrial-related commodities will not outperform.''

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